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债券市场的良好表现也得益于当时风险偏好的持续下行，而2025年我们认为风险偏好得到明显的修复，债券市场增量资金有限，价差收益获取难度较大，因此我们保持了较低的久期，更多关注票息收益。","lastUpdated":"2026-03-30T13:35:06.980Z","mo":"展望2026年，AI进一步成为了全球经济增长的核心驱动力，尤其是美国云厂商较为激进的资本开支计划，如果能够兑现，将会大幅拉动全球半导体、制造业、大宗商品需求的增长，将有效带动亚洲和部分资源国的经济增长。所以我们对26年国内的出口增长及相关制造业充满信心，相关企业有望迎来盈利的持续兑现。国内AI方面，我们看到年初以来，国内模型跟随的速度加快，无论是视频模型还是agent能力都有了很大的提升，国内模型在全球范围内破圈加速，同时由于AI Agent能力大幅提升，算力消耗进一步指数级别上升，国内AI投资也会有较大的概率进一步上修。AI资本开支是目前全球经济最确定的增长方向。另一方面，AI的冲击进一步增大，全球AI交易进入了第四年（从2023开始），市场对于AI的工业革命属性质疑减少，但是对AI对传统商业模式的颠覆、社会组织结构以及高额算力资本开支的持续性产生日益的担忧。软件股出现了持续的抛售，市场越来越开始对标当年的互联网对传统纸媒的冲击，传统纸媒在2002年开始持续杀估值，而业绩的回落需要4-5年之后。而作为AI资本开支的主力传统CSP厂商，一方面主业受到AI冲击，尤其是新的大模型企业的冲击；另一方面资本开支持续加大，市场对于其资本开支的可持续性和自由现金流的持续性产生担忧。作为各大指数权重的传统互联网企业，在2026年面临着盈利和估值的双重压力，除非在主业方面看到AI对其带来的质的飞跃，否则市场的质疑会持续增加，并且由于AI的商业模式并不成型，目前还在颠覆，增加收入的群体并不多，也使得市场对未来AI投资的持续性中期会产生担忧，2026年我们会持续关注这类叙事的冲击。不得不说，我们处在一个变革的时代，从生产工具，未来可能扩散到生产关系，再到潜在的国际政经格局，处在百年未有之变局的时代。在投资方面，我们认为AI依然是当前全球最重要的产业变化，我们整体投资会持续关注AI产业的变化，但是AI的资本开支领域，由于市场对中期的持续性的担忧加大，因此我们在AI基建的视角久期选择更短和更长的，一方面是当前最为短缺的环节，另一方面是中期要持续推进的新技术。同时AI对大宗商品的拉动也是在26年确定性较高的，尤其是边际上对能源拉动更加明显，因此我们投资方向上在算力紧缺环节、新技术以及能源紧缺环节，以及加大对国内算力的投资。不过，AI如何创造更大的收入增长，仍然是挥之不去的话题，我们也会持续关注AI催生的新的商业模式，甚至生产关系，带来的潜在的机会。同时，海外需求会对国内需求产生持续的拉动，我们认为2026年有望迎来外需向内需的扩散，我们也加大了对内需资产的配置力度。债券方面，我们认为今年外需向内需扩散，经济有望迎来更广泛的回升，全社会融资需求有望触底反弹，债券我们整体保持谨慎。","fund":{"_id":3000000019602,"__csrcFundId":13727,"stockCode":"019602","masterFundShortName":"鹏华精新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19602,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:25:56.248Z","status":"normal","exchange":"jj","shortName":"鹏华精新添利债券(019602)","name":"鹏华精新添利债券型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phjxtlzqxzqtzjj","setUpAssetScale":5004881.47,"setUpDate":"2024-06-05T16:00:00.000Z","setUpShares":5004881.47,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"db20813419","stockType":"fund_manager","exchange":"fm","tickerId":30425210540,"name":"陈大烨"}]},"announcement":{"linkText":"鹏华精新添利债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3177fea5b3eb0537bcd","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000019602,"sao":"2025年3季度呈现股强债弱的局面，上证指数三季度上涨12.73%，沪深300指数上涨17.9%，创业板指上涨50.40%，而债券方面，中债综合财富指数下跌0.93%，大类资产方面，股票表现明显较好。Q3以来，从ETF的增量和各类渠道反馈，居民资产配置明显加大了对权益市场的配置。  三季度，我们维持股票的高仓位，加大对股票市场的配置，尤其是在Q3我们加大了对AI方向的配置，分别在海外算力、国内算力、半导体方向做了比较多的布局。Q2以来，AI产业最大的变化在于全球AI对算力的消耗快速提升，带动了对于算力的需求的爆发，同时国内对于算力国产替代的需求明显增强，因此海内外算力板块都出现了不错的表现。  展望后市，我们对权益市场中期保持乐观，我们认为中国经济进入了高质量增长的时期，优秀公司的股权可能在当前时代变得更加稀缺和有投资价值，在目前较低利率的环境下，居民对权益资产配置的需求可能会持续提升，整个中国股票市场的估值中枢有望持续提升。但是从结构上，我们认为受益科技创新、有全球竞争力的中国企业以及持续创造自由现金流转化为股东回报的股权资产有望更加受益，所以我们在整体的投资中，更加聚焦在这些方向。科技创新方面，AI毫无疑问是当前最大的创新，我们会继续关注AI的发展，但是我们更多从可持续性的角度关注，当前我们的关注度从算力转向能够创造持续现金流的云计算、AI消费硬件以及软件服务，我们认为可持续创造现金流是AI健康发展的核心，因此我们更多从上游向中下游投资倾斜；全球竞争力方面，我们认为中国制造业、采矿业、消费行业开始出现越来越多有全球竞争力的企业，我们将会持续保持关注。  债券方面，我们认为中国经济中期进入高质量发展阶段，债券利率中枢较之前有明显的下降，但是在居民资产配置转换的时期，债券靠价差收益的难度较大，我们保持中性久期，更多关注政策利率与曲线利差，寻找阶段性的过度调整后修复的机会。","lastUpdated":"2026-03-09T14:03:03.412Z","fund":{"_id":3000000019602,"__csrcFundId":13727,"stockCode":"019602","masterFundShortName":"鹏华精新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19602,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:25:56.248Z","status":"normal","exchange":"jj","shortName":"鹏华精新添利债券(019602)","name":"鹏华精新添利债券型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phjxtlzqxzqtzjj","setUpAssetScale":5004881.47,"setUpDate":"2024-06-05T16:00:00.000Z","setUpShares":5004881.47,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"db20813419","stockType":"fund_manager","exchange":"fm","tickerId":30425210540,"name":"陈大烨"}]},"announcement":{"linkText":"鹏华精新添利债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3177fea5b3eb0537bcc","date":"2025-06-29T16:00:00.000Z","stockId":3000000019602,"sao":"上半年权益市场整体上涨，上证指数上涨2.8%，中证2000上涨15.2%，小盘股表现较好。我们整体保持较高的权益仓位水平，重点参与了科技方向的投资机会，其中Q1随着国内的deepseek时刻到来，我们参与了较多国内AI的相关方向，重点布局国内算力和AI应用。Q2随着H20被禁，国内AI进展有所放缓，但是海外模型的tokens增长迅速，我们重点参与了海外AI算力供应链带来的机会。但对于创新药和新消费的行情，我们整体参与不足。  债券方面，上半年债券市场表现震荡，一季度债券收益率有所上升，但二季度随着关税的冲击，央行进行了降息操作，债券收益率明显下行，我们在2季度久期方面做了一定的提升，参与了利率下降带来的债券市场行情。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:03.409Z","mo":"上半年，国内宏观经济出现明显改善，实际GDP增速明显高于5%，但物价方面依然低迷，PPI持续负增长，经济依然面临一定的价格压力。市场方面，权益市场明显回暖，港股表现突出。权益市场的持续回暖，科技行业出现“Deepseek”时刻，创新药出海BD爆发，新经济表现较好，这其中是我们看到了工程师红利的持续体现以及中国文化的广泛传播。展望下半年，我们认为这类新经济会持续，AI、创新药、新消费方向有望有更多的机会，同时也是未来几年最值得持续关注的方向；而传统经济方面，国家提出明确的统一大市场以及“反内卷”，传统经济的盈利能力有望得到修复，整体权益市场的盈利中枢有望得到改善，权益市场机会大于风险。我们会保持较高的仓位水平，一方面寻找新经济的投资机会，另一方面关注传统经济盈利改善带来的估值修复。债券方面，由于国内整体经济进入高质量发展阶段，物价改善也非一朝一夕，因此国内货币政策预计保持宽松，债券市场依然有利，我们会保持较高的久期，积极参与债券市场的机会。","fund":{"_id":3000000019602,"__csrcFun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